Trutankless, Inc. (OTCPK:TKLS.D) announced the spin-off of Notation Labs, Inc. to its shareholders on October 15, 2021. As per terms of the transaction, the shareholders of Trutankless, Inc. will receive one share of common stock of Notation Labs for each four shares of common stock held by them as at the record date. The exact structure of the spin-off will be determined by the management of Trutankless.

The shareholders of Trutankless will not be required to make any payment, surrender or exchange their stocks or take any other action to receive shares of common stock of Notation Labs. Holders of common stock of Trutankless will continue to hold their shares. Following the distribution, the shareholders will own shares of both, Trutankless and Notation Labs.

After the transaction, Trutankless will no longer own shares in Notation Labs and Notation Labs will operate as an independent company. The Board of Directors of Trutankless approved the transaction. The shareholders of Trutankless collectively representing approximately 62.1% of the voting power of Trutankless, Inc., approved the spin-off by written consent in lieu of a meeting of Stockholders.

As per update on November 24, 2021, record date has been set as December 10, 2021 while distribution date is December 30, 2021. As per update on December 28, 2021, the Board of Directors of Trutankless, Inc. has approved the written consent provided by the majority shareholders for the transaction.